Gevorg Papoyan: $250 million needed to launch Amulsar mine

ArmInfo. $250 million is needed to launch the Amulsar mine, as stated by Armenian Economy  Minister Gevorg Papoyan at the budget hearings in the National Assembly committees.  

Of the total amount, as the minister noted, the  company has secured $100 million, and plans to secure the remaining  $150 million from local banks. "There are certain expectations of  state assistance in this matter.  The Ministry of Economy has  commissioned an audit to determine whether we can proceed with this  plan.  If not, the company will need to seek other sources of  financing, or proceed without Armenia's participation," Papoyan said.  At the same time, the minister expressed hope that the mine will be  operational in the fourth quarter, leading to a project growth of the  mining sector from the current 3.7% to 5.3%.